2016/04/21 SPY Options Wrap Up

Outlook

SPY had rejection at 210+ area so we will see some back and fill until bears accumulate enough short positions for squeezing.

SPY Wrap Up 

SPY 5m

SPY had rejection at new ATH yesterday and sold off to 5SMA area where SPY had no rebound, which means acceptance.

$NYAD

$NYHL

SPY:RSP

$NYAD declined today but advanced/decline ratio was 1095/1899, which suggests sector rotation.

$SPX CVI

$SPX STVO

$SPX VTO

All of CVI, STVO and VTO declined today and those indicators suggest near term consolidation. The best scenario would be one more decline on VTO to clear mid-term overbought condition, but we know the market won't move as our wish :)

SPY OI 04/22

There are plenty of puts under current SPY level so we won't see big decline tomorrow. 

SPY OI 04/29

SPY OI 05/06

SPY options are skewed to call side next two weeks so we don't expect quick rebound at this moment.

SPY DWV 04/22

SPY DWV 04/29

SPY DWV 05/06

SPY Option Big Trades 04/22

SPY Option Big Trades  04/29

SPY Option Big Trades 05/06

There is still the wall of 210Calls tomorrow while SPY had rejection at 210+ level.  At the same time bears loaded up plenty of puts under 209 level.  Those information suggests SPY would strike 209 area at tomorrow expiration, which is higher than our primary prediction, 207-208 level.